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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities:    
Net income $ 499,146 $ 364,865
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for credit losses 71,482 30,943
Depreciation, amortization and accretion, net 62,591 64,726
Stock-based compensation expense 24,532 23,852
Amortization of premium on securities, net 1,201 2,048
Accretion of discount and deferred fees on loans, net (13,105) (17,237)
Mortgage servicing rights fair value changes, net of economic hedge 13,065 (41,087)
Non-designated derivatives fair value changes, net (271) 957
Originations and purchases of mortgage loans held-for-sale (1,532,325) (2,377,249)
Early buy-out exercises of mortgage loans held-for-sale guaranteed by U.S. government agencies, net of subsequent paydowns or payoffs 9,323 69,605
Proceeds from sales of mortgage loans held-for-sale 1,500,870 2,664,774
Bank owned life insurance (“BOLI”) (gains) losses (2,849) 588
(Increase) decrease in trading securities, net (536) 882
Decrease in brokerage customer receivables, net 2,345 5,741
Gains on mortgage loans sold (27,777) (37,022)
Gains on premium financing receivables sold (890) 0
Losses on investment securities, net 959 13,682
(Gains) losses on sales of premises and equipment, net 1,547 2,114
Losses (gains) on sales and fair value adjustments of other real estate owned, net 121 (805)
(Increase) decrease in accrued interest receivable and other assets, net (269,677) 22,542
Increase in accrued interest payable and other liabilities, net 156,697 261,253
Net Cash Provided by Operating Activities 496,449 1,055,172
Investing Activities:    
Proceeds from payments, maturities and calls of available-for-sale securities 2,107,201 275,336
Proceeds from payments, maturities and calls of held-to-maturity securities 138,154 174,211
Proceeds from sales of equity securities with readily determinable fair value 23,592 21,753
Proceeds from sales and capital distributions of equity securities without readily determinable fair value 67 1,232
Purchases of available-for-sale securities (1,731,266) (1,438,270)
Purchases of held-to-maturity securities (407,527) (623,011)
Purchases of equity securities with readily determinable fair value (45,954) (54,495)
Purchases of equity securities without readily determinable fair value (9,350) (9,892)
Redemptions (purchases) of Federal Home Loan Bank and Federal Reserve Bank stock, net 20,719 (42,778)
Distributions from investments in partnerships, net 5,540 3,506
Net cash paid in business combinations (5,147) 0
Proceeds from sales of premium financing receivables, net 405,560 0
Proceeds from sales of other real estate owned 1,635 3,802
Decrease in securities purchased under resale agreements with terms exceeding three months, net 0 700,000
(Increase) decrease in interest-bearing deposits with banks, net (458,115) 1,400,793
Increase in loans, net (2,644,535) (3,324,304)
Redemption of BOLI 553 960
Purchases of premises and equipment, net (29,218) (37,462)
Net Cash Used for Investing Activities (2,628,091) (2,948,619)
Financing Activities:    
Increase in deposit accounts, net 2,090,137 701,597
Increase (decrease) in other borrowings, net 48,016 (18,103)
Increase in Federal Home Loan Bank advances, net 10,000 1,075,000
Proceeds from common stock offering, net 0 285,721
Cash payments to settle contingent consideration liabilities recognized in business combinations (57) 0
Issuance of common shares resulting from the exercise of stock options and employee stock purchase plan 6,667 8,230
Common stock repurchases for tax withholdings related to stock-based compensation (1,662) 0
Dividends paid (94,277) (80,556)
Net Cash Provided by Financing Activities 2,058,824 1,971,889
Net (Decrease) Increase in Cash and Cash Equivalents (72,818) 78,442
Cash and Cash Equivalents at Beginning of Period 490,966 411,205
Cash and Cash Equivalents at End of Period $ 418,148 $ 489,647